ABB Q1 Results Up, Above Market View; Lifts 2021 Revenue Forecast - Quick Facts

(RTTNews) - Swiss engineering company ABB Ltd.(ANN.L, ABB) Thursday announced preliminary first-quarter results, reporting revenues of about $6.90 billion, a growth of around 11 percent on a reported basis and around 7 percent on a comparable basis. Operational EBITA margin would be 13.5 percent, up 330 basis points from last year.

Orders are expected to be around $7.75 billion, up 6 percent on a reported basis and up 1 percent on a comparable basis.

The company said its results are better than the latest company guidance and current market consensus.

The preliminary first-quarter results were driven by a stronger-than-anticipated market development, especially during the last weeks of March, and relates primarily to the short-cycle business.

Further, ABB raised its revenue guidance for full year 2021 outlook and now anticipates comparable revenue growth of around 5 percent or higher, from previous outlook of comparable revenue growth to be broadly in line with its long-term target range.

The outlook includes an anticipated recovery in the process industry related part of the business during the second half of the year.

ABB will publish its full first quarterly results on April 27.